MEMPHIS, Tenn. — The Shelby County Board Of Education has revoked the charter for Memphis Academy of Health and Sciences.

That decision was made in a special-called meeting Wednesday night. The board decided to close both the middle and high schools within the network.

The shutdowns will occur at the end of the school year, according to the Daily Memphian Newspaper.

“MAHS has committed material violations of their charter agreement and has failed to meet generally accepted standards of fiscal management,” Brittany Monda, assistant superintendent of charter Schools, said in SCS board meeting Tuesday.

Back in December, state investigators found three of the middle and high school leaders stole $400 thousand while working there and made lavish personal purchases.

Investigators say the problem went on for years because of a lack of oversight from the school’s board of directors.

Those officials have since been fired and indicted.